Bank account- inheritance money

Shezz

Grumpy_chap said:

Just to add to my previous post, as I understand it, if the DoV has been done, then the Executors cannot simply implement a new DoV to "wind-back" as it were.  

Implementing a DoV has to be with the agreement of all beneficiaries that may lose by the DoV.  Once the DoV is in place, that has changed the Will, so any further DoV would need the agreement of the beneficiaries (OP's children and their Cousins) but there is no obligation on those beneficiaries to agree to the negative change to their inheritance.

I'm not entirely sure from the thread whether the DoV had been fully completed, or was simply verbally agreed between the Executors as to what they intended to do, .not yet concluded as formal DoV.

Thank you for your replies, the DoVs have all been drafted up but not fully completed, just need to be signed and witnessed, my original post was to get advice before completing. 

Daliah

What are you trying to achieve with a DoV that cannot be achieved much more easily some other way? E.g. by just giving the children, who appear to all be adults, money as and when you are happy for them to have it?

born_again

Shezz said:

Hi all thanks for the reply,

Hope this is a bit clearer, as beneficiary's of the will, 3 of us (main beneficiary's)  we decided each to do a variation so that some of our inheritance we can pass over to our children, I have a formal letter (as told to do so)  including names and figures and a section for witnesses, printed them out, handed to each of my sisters, which needs to be signed by all 3 of us to allow the variations to take place as we are the executers also, the children were not named in the will, only so much so that if any of us sisters died before my mum then our share would go to the children.

So as the children are not listed in the will at all. Then all you need to do once you have your funds is to tell the children that you have decided that you are sharing your inheritance with them.

This is what we are doing with our M-I-L who left money to her children. But all have agreed that as her grandchildren were not given anything that each sibling would give a share (of their own choice) to their children.

Thankfully someone checked the will earlier this year & realised that it was stated that family would each get a equal share.. Massive family. No one can believe that a solicitor would not have mentioned exactly what that implied....